Packer Fluid Market to Grow Along with Increasing Tourism During the Forecast Period
Demand for enhanced oil
extraction is driving the growth in global packer fluid market in the forecast
period, 2022-2026.
According
to TechSci Research report, “Packer fluid Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026”. The
global packer fluid market is forecast to grow at impressive rate in the
period, 2022-2026, on the account of increasing investment in the oil and gas
mining. Moreover, governmental aids and financial assistance from government
authorities and private companies is anticipated to drive the growth of the
global packer fluid market in the upcoming five years. Additionally, increased
oil exploration and drilling activities in various regions like Gulf of Mexico,
Texas state of United States of America, etc. are further supporting the growth
of the global packer fluid market in the next five years. Moreover, increasing
offshore drilling is increasing the demand for the packer fluid and thus
supports the growth of the global packer fluid market in the future five years.
Also, demand for decreasing the cost of oil and gas drilling further
substantiates the demand of the packer fluid and supports the growth of the
global packer fluid market in the forecast years, until 2026.
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The
global packer fluid market is segmented on the basis of type, location,
component, application, competitional landscape, and regional distribution.
Based on type, the market is further fragmented into water based, and oil
based. Water based packer fluids are anticipated to dominate the market segment
with largest revenue shares of the market in the upcoming five years on the
grounds of the advantages water based packer fluid offers. Usage of water-based
packer fluid is convenient and economical as well. Traditionally, water-based
packer fluids are also used as water-based drilling muds to drill the well and
later left to be utilized as packer fluid. Although, the lack of its
non-corrosiveness creates a potential demand for oil-based packer fluid.
Corrosion is a major concern that is responsible for the variant procedural
differences and creates demand for the equipment, chemicals, and tools that can
overtake the problem of corrosion. Oil-based packer fluids are anticipated to
register significant and fastest growth in the upcoming five years on the
account of its cost effectiveness and added non-corrosive advantages. The oil-based
packer fluids are more thermally stable than water-based packer fluids.
On
the basis of location, the market is bifurcated into onshore and offshore. Offshore
sub-segment is anticipated to register the fastest growing CAGR in the next
five years on the account of increasing offshore drilling activities. The
offshore locations usually have higher pressure and temperature in the drilling
reservoir and thus requires packer fluid. Extreme temperatures and pressures
demand much more complex wells, thus packer fluids are expected to contain the
extreme pressure and thus support the growth of the global packer fluid market
in the forecast years, until 2026.
Some
of the market players, dominating the global market are:
·
Schlumberger
Limited
·
Halliburton
Company
·
Oilmec
Drilling Equipments Pvt. Ltd.
·
Baker
Hughes
·
Weatherford
International
·
Chevron
Phillips
·
National
Oilwell Varco
These
market players along with new market entrants are focused on extensive research
and bringing innovative and advanced products. Technologically advanced
manufacturing of the packer fluid would aid in decreasing the cost of
production and aid the players in managing their investments. Moreover,
initiatives from the government and private fundings would support the global packer
fluid market growth indirectly.
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“North America region is anticipated to
continue its dominance over the other regional markets in the upcoming five
years on the account of increasing demand for equipment in well completion.
Also, increased drilling activities in the North America region is further anticipated
to drive the market growth. Countries like the United States and Canada are
experiencing rise in the oil and gas demands and to fulfill that, the
extraction processes of oil from the reservoir and its drilling have increased,
that is actively supporting the growth of the global packer fluid market in the
future five years. Resource rich states like Alberta and Texas are further
supporting the oil and gas demands and driving the growth of the global packer
fluid market in the upcoming five years. Middle East & Africa region is
also anticipated to register significant growth in the next five years on the
account of increasing drilling activities in the region. Also, offshore
drilling is further driving the growth of the global packer fluid market in the
next five years,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Packer fluid Market
- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Type (Water Based, Oil Based), By
Location (Onshore, Offshore), By Component (Polymer Viscosifier, Corrosion
Inhibitor, Soluble Salts), By Application (Provide Hydrostatic Pressure, Lower
Differential Pressure, Protection from corrosion), By Region”, has evaluated the future
growth potential of global packer fluid and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in global
packer fluid market.
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